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A consulting services company is currently working on a business transformation project for your client that spans over 10 months. The total contract amount is 250000 USD. They have generated a revenue of 25000 USD and an Invoice of 10000 USD at the end of the first period.
The accounting entry for revenue is:
and accounting entry for invoice is:
What will be the accounting entry when you reclassify the billing offset balances in the first period?
A. Dr Unbilled Receivables 10000 -
Cr Accounts Receivables 10000
B. Dr Accounts Receivables 10000 -
Cr Unbilled Receivables 10000
C. Dr Deferred Revenue 10000 -
Cr Unbilled Receivables 10000
D. Dr Accounts Receivables 10000 -
Cr Revenue 10000
Answer: B
Explanation:
When you reclassify the billing offset balances in the first period, the accounting entry is:
Dr Accounts Receivables 10000 - Cr Unbilled Receivables 10000
This entry reduces the unbilled receivables balance and increases the accounts receivables balance by the invoice amount. This is because the invoice has been created and sent to the customer, and the billing offset account is no longer needed. Reference: https://docs.oracle.com/en/cloud ... ortfolio-management
/20c/oapfm/manage-project-invoices.html#OAPFM2356091
NEW QUESTION # 104
Your customer accounts revenue based on, product class category. Because all your customer's projects are funded by private and government institutions, they decide to classify all projects based on their funding source to accurately report on revenue in General Ledger. Accordingly, you create a new class category
"Funding Source" and assign it to all projects. However, you notice that the accounting is still happening based on product class category. Identify the reason for this problem. (Choose the best answer.)
A. Funding source class category is not enabled for "available as accounting source".
B. Funding source class category is enabled for "available as accounting source".
C. Product class category is not enabled for "available as accounting source".
D. Funding source class category is assigned to all project types.
Answer: A
Explanation:
Ref: https://docs.oracle.com/en/cloud ... project-foundation- configuration-define-types-and-categorizations.html#OAPFM222700 Topic - Manage Project Class Categories Setting Up Class Categories: Points to Consider Available as Accounting Source This option indicates if the class category is available as an accounting source so that Oracle Fusion Subledger Accounting can use the category to create mapping sets, account rules, journal line rules, and description rules.
Only one class category at a time is available as an accounting source in Oracle Fusion Subledger Accounting.
To change the class category that Oracle Fusion Subledger Accounting uses, deactivate the old class category and create a new one with a different date range.
NEW QUESTION # 105
Which four notification templates are predefined?
A. Password Reset Template
B. New Account Manager Template
C. Forgot Password Template
D. Forgot Username Template
E. New Account Template
Answer: A,B,D,E
Explanation: https://docs.oracle.com/en/cloud ... y.html#OSCUS2287154 Predefined Notification Templates Notification Template Description Password Expiry Warning Template Warns the user that a password is expiring soon and provides instructions for resetting the password.
Password Expiration Template
Notifies the user that a password has expired and provides instructions for resetting the password.
Forgot User Name Template
Sends the user name to a user who requested the reminder.
Password Generated Template
Notifies the user that a password has been generated automatically and provides instructions for resetting the password.
Password Reset Template
Sends a reset-password link to a user who requested a new password.
Users can request new passwords by selecting the Forgot Password link on the application Sign In page, or by selecting the Password option on the Preferences page (Settings and Actions > Set Preferences).
Password Reset Confirmation Template
Notifies the user when a password has been reset.
New Account Template
Notifies a user when a user account is created and provides a reset-password link.
New Account Manager Template
Notifies the user's manager when a user account is created.
When you create a user category, it's associated automatically with the predefined notification templates, which are all enabled.
You can't edit the predefined templates. However, you can create templates and disable the predefined versions. Each predefined event can be associated with only one enabled notification template at a time.
NEW QUESTION # 106
Select two correct statements about project classifications on a template. (Choose two.)
A. Project class category in a project classification must be associated with a Set Code.
B. When a project is created from a template, the required project classifications must be entered.
C. Set Code is not required for a project class category in a project classification.
D. Project Classification is a mandatory field on a project template.
Answer: A,B
Explanation:
Project classifications are used to group and report on projects based on different criteria. A project template can have one or more project classifications, which can be either required or optional. When a project is created from a template, the required project classifications must be entered, while the optional ones can be left blank. A project class category in a project classification must be associated with a set code, which determines the list of values for the project class. Project classification is not a mandatory field on a project template, but it is recommended to use it for reporting purposes. Reference: https://docs.oracle.com/en/cloud
/saas/project-portfolio-management/20c/oapfm/manage-project-plans.html#OAPFM2355961
NEW QUESTION # 107
Which three are project gate statuses? (Choose three.)
A. In Review
B. Approve
C. Open
D. Closed
E. Draft
Answer: A,C,D
Explanation:
Project gate statuses are values that indicate the progress or completion of a project gate. A project gate is a checkpoint that marks the end of a phase or stage in a project lifecycle. Three of the project gate statuses are:
* Open: This status indicates that the project gate is not yet ready for review or approval.
* In Review: This status indicates that the project gate is under review or approval by the gate reviewers or approvers.
* Closed: This status indicates that the project gate has been reviewed or approved and the project can move to the next phase or stage. Approve and Draft are not project gate statuses, but actions that can be performed on a project gate. Approve is an action that allows a gate approver to approve a project gate and change its status to Closed. Draft is an action that allows a gate owner to create or edit a project gate and change its status to Open. Reference: https://docs.oracle.com/en/cloud/saas/project-portfolio- management/20c/oapfm/manage-project-execution.html#OAPFM2356251
NEW QUESTION # 108
......
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